Tag Archives: The Netherlands

Saab Cars North America Celebrates New Royal Oak HQ

Posted on 20. Apr, 2010 by .

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bsaab512

Photo Credit: Saab Cars North America

Saab Cars North America issued a media advisory this evening following their open house that they are having a ribbon cutting ceremony welcoming people to join them.

I hope it was a good time as this is another milestone for Saab’s new era of independence here in the United States.

2010-04-20
CONTACTS

MEDIA ADVISORY: Saab Cars North America Celebrates New Royal Oak Location

Please join employees and the leadership team of Saab Cars North America, The Mayor of Royal Oak, Jim Ellison; The Honorary Consul of the Netherlands, Mr. Hans J. Pyls and The Honorary Consul of Sweden, Mr. Lennart Johansson for a ribbon cutting ceremony and company Open House on April 20, 2010 at 5:30 p.m.

Where: 4327 Delemere Court
(Between 14 Mile and Normandy Roads)

When: 5:30 p.m. – 7:30 p.m.

CONTACT:
Michele Tinson
Director, Communications
Saab Cars North America
Office: 248-581-0856

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A True Appreciation Of The History Behind "Spyker Orange"

Posted on 18. Feb, 2010 by .

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spykerorange1

Photo Credit: Spyker Cars

I was talking with a colleague lately about the orange color that is ubiquitous with Spyker cars, referring to it as “Spyker Orange”, not knowing that this terminology has been used before and may have a longer back story than we may think.

spykerorangeI decided to search for this term on the web recently and found a floral shop listing one of their flowers as “Spyker Orange”, so I decided to contact them and ask them about why one of their floral arrangements was labeled as “Spyker Orange”. Not surprisingly, this particular company Dillon Flower, acquires their flowers from a Dutch company called Terra Nigra. In speaking with the folks at Terra Nigra in the Netherlands by phone, they indicated that in 2007 when Spyker made their F1 debut, the company decided to give one of their flowers, this name out of celebration for the occasion.

The orange color, although used by Spyker, actually has historical roots from the Dutch Royal Family (Orange-Nassau), which dates back to 1515, when then William I of Orange led a resistance against the Spanish rule. Since that time, the Orange’s of the Dutch Royal Family made major contributions to the government as stakeholders, kings & queens.

It was only suiting that Spyker, a company with a strong history in the Netherlands, took on the color orange as well.

Sources:

http://www.dillonfloral.com/germini.shtml

http://www.terranigra.com

http://www.koninklijkhuis.nl/english/History

http://www.amsterdam.info/netherlands/royal-family/

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GENERAL MOTORS AND SPYKER CARS REACH AGREEMENT ON SAAB

Posted on 26. Jan, 2010 by .

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News Release
spykerheader

• GM and Spyker Cars announce a binding agreement over the transfer of ownership
of Saab
• Terms are agreed and the deal is expected to close in February
• Saab’s future as an independent company is secured
• Saab will exit the orderly wind-down process
• Spyker shareholders will restructure at closure of the deal
• Swedish Government issues guarantee in favour of EIB

ZEEWOLDE, The Netherlands (26 January, 2010) – General Motors Company and Spyker Cars N.V, today confirmed the details of a binding agreement over the transfer of ownership of Saab Automobile AB of Trollhättan, Sweden. The transaction is expected to close in February and Saab Automobile will exit the orderly wind down process in line with that timetable.

The transaction will be accomplished as follows:

• Spyker acquires from Saab Automobile Investering AB, a subsidiary of General Motors (“GM”), all the issued and outstanding ordinary shares in the capital of Saab Automobile A.B. (“Saab”) for a consideration of USD 74 million (“Purchase Price”).

• The Purchase Price will be paid in two instalments. The first instalment of USD 50 million will be paid on the date of completion of the transaction, expected to take place on or before February 15, 2010 (“the Closing”). The second instalment of USD 24 million will be paid on July 15, 2010.

• The Share Purchase Agreement is subject to the execution of a EUR 400 million loan agreement between Saab and the European Investment Bank (“EIB”), guaranteed by the
Swedish Government. Today, the Swedish government announced approval of this guarantee. The guarantee is subject to approval by the European Commission, which is expected shortly.

• Upon completion of the transaction GM will retain redeemable preference shares of USD 326 million. The preference shares represent less than 1% of the voting rights in the capital of Saab. The mandatory redemption date is 31 December 2016 and Saab has the right to request voluntary redemption at any time prior to this date. The preference shares carry a dividend entitlement of 6% starting from January 2012, increasing to 12% as from July 1, 2014. The dividend over 2012 will be added to the principal, but as from January 1, 2013 the dividend is payable in cash. Should Saab have insufficient distributable reserves to pay the cash dividend it will be added to principal increased with a penalty factor.

• In order to allow Saab to operate on a stand-alone basis outside GM, Saab and GM will enter into a number of ancillary agreements. As part of the transaction, Spyker intends to negotiate the acquisition of all the outstanding shares in Saab Great Britain Limited, the UK distribution, marketing and sales company for Saab from General Motors UK Limited.

• Spyker will issue a corporate guarantee not exceeding USD 10 million for Saab’s obligations to and for the benefit of the financing company GMAC.

• Spyker will as soon as practically possible convene a general meeting of shareholders to approve the transaction. Spyker obtained irrevocable voting undertakings to vote in favour of the transaction representing the voting majority of its current shareholders.

• It is the intention to change the name of Spyker Cars N.V. at that general meeting of shareholders to Saab Spyker Automobiles N.V.

• As back-up financing, Spyker entered into a EUR 150 million Equity Credit Line Facility with GEM Global Yield Fund Limited (“GEM”) for a term of 3 years. According to this facility, Spyker may issue shares to GEM at 90 per cent of the volume weighted average price of the shares over a period of 15 trading days following a draw down notice sent to GEM by Spyker. In relation to the GEM facility, Spyker has issued to GEM share warrants in respect of 1,570,000 ordinary shares at an exercise price of EUR 4 per ordinary share. The warrants have a 5 year
term.

The object of acquisition
• In spite of media reports that certain parts have already been sold off, the object is Saab as a complete entity and going concern with all IP rights, trademarks, facilities and other infrastructures. The sale of pre 2003 Saab 9-3 and current Saab 9-5 technology to BAIC in December 2009 did not result in any part of Saab’s business being divested or devalued. On the contrary, Saab has already started the production of the new generation Saab 9-5 in Trollhättan.

• Both Saab management and Saab GB management prepared an estimated balance sheet as at 31 December 2009 for the purpose of this transaction. These estimated balance sheets are
still subject to final account closing and audit procedures.

• Spyker Cars does not yet have a balance sheet as at 31 December 2009 ready for reporting purposes. As such, it would be premature to show a pro-forma combined balance sheet for
Spyker, Saab and Saab GB as at 31 December 2009.

• Therefore Spyker only disclose an indicative combined balance sheet of Saab and Saab GB as at Closing date based on the estimated balance sheets for both entities as at 31 December
2009, adjusted for the impact of the transaction items as at Closing date.

• It should be noted that the indicative closing balance sheet is based on the latest estimated balance sheets of both entities by Saab and Saab GB management which are subject to final closing and audit procedures and therefore subject to change, and does not reflect any potential fair value or purchase price allocation adjustments. The indicative closing balance sheet should therefore not be considered as the actual closing balance sheet, but only as an indication for the assets and liabilities to be acquired at closing date.

stats

Saab’s and Saab GB’s combined revenue amounted to some EUR 1.0 billion in 2009 (2008:
EUR 1.6 billion). Earnings before interest, taxes and depreciation amounted to EUR 0.4 billion
negative in 2009 (2008: EUR 0.3 billion negative). In 2009 Saab sold 39.903 cars and
produced 20.791 cars versus selling 94.751 cars in 2008 and producing 89.086 cars.

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RESTRUCTURING AND MANAGEMENT BUY-OUT

As from Closing of the Saab acquisition, the ownership structure of Spyker will change as follows:

• Tenaci Capital B.V. (“Tenaci”), a company wholly owned by Mr. V.R. Muller has made a successful bid on Mr. V. Antonov’s current shareholding in Spyker consisting of 4.6 million ordinary shares. As agreed in 2007, when Mr V. Antonov acquired his shares in Spyker, Mr. V. Antonov will cause the transfer of the priority share to Spyker if and when he would dispose of his shareholding. A resolution to cancel the priority share will be proposed at the upcoming EGM.

• Messrs. N. Stancikas, M. Bondars and Mr. V. Antonov will retire as members of Spyker’s Supervisory Board effective as per the date of Closing.

• Tenaci will grant to Spyker two loans. One for an amount of USD 25 million towards payment of part of the Purchase Price for Saab upon completion of the transaction. A second loan for an amount of EUR 57 million for repayment of all of Spyker’s current outstanding loans to banks and other financial institutions controlled directly, or indirectly by Mr. V. Antonov. This loan mirrors the existing terms (including the lender’s right to convert EUR 9.5 million into ordinary shares at a conversion price of EUR 4.00 per share).

• The sale will be subject to customary closing conditions, including receipt of applicable regulatory, governmental and court approvals. Other terms and conditions specific to the sale are not being disclosed at this time. Victor R. Muller, Spyker’s CEO, stated: “We are very much looking forward to being part of the next chapter in Saab’s illustrious history. Saab is an iconic brand that we are honoured to shepherd. We are delighted to have secured the jobs and livelihoods of thousands of loyal Saab employees, suppliers and dealers and to have given reassurance to the 1.5 million Saab drivers and enthusiasts around the world. It was breathtaking to see so much support from the global Saab community over the last months which not only shows the strength of the brand but also helped us in our relentless determination to get the deal done.”

“Spyker Cars will provide Saab with the backing required to compete as a competitive global brand along with an entrepreneurial leadership team sensitive to the uniqueness, heritage and individuality of the Saab brand. I would like to extend my sincere gratitude to Vladimir Antonov for his formidable support during the past two years. His contribution has allowed Spyker to get to the point that this
transaction was made possible. I also want to extend my gratitude to Messrs. Stancikas and Bondars as Members of the Supervisory Board. They have made very valuable contributions to our company
during their respective terms.”

“Finally I would like to thank the Swedish Government for its constant support for our efforts culminating in granting the Guarantee in favour of the European Investment Bank today for an EUR
400 Million loan to Saab which we hope to secure in the coming weeks.”

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Jan Åke Jonsson, CEO of Saab Automobile AB said: “It has been a challenging 15 months for Saab but our global organization has shown a fighting spirit that will serve us well going forward. The
agreement with Spyker Cars has secured Saab’s future and will enable us to maximize the brand’s potential through an exciting new product line-up with a distinctly Saab character.”

“Today’s news is great for Saab’s customers, dealers, suppliers and employees around the globe. The level of passion and support shown to Saab over recent months has been remarkable and I would like
to take this opportunity to thank all of those people who continued to believe that Saab deserved a future. Now we aim to get back to the execution of our business plan and with the continued support
of our employees and business partners I am confident we will succeed.”

Nick Reilly, President GM Europe, added: “As a responsible corporate citizen in Europe, and throughout the entire period, GM has always had the hope to find a positive solution for Saab that
would avoid a wind-down of the brand. We have worked very hard with many parties, including governments and investors, and I’m very pleased that we could come to such a positive conclusion
that preserves jobs in Sweden and elsewhere. GM will continue to support Saab and Spyker Cars on their way forward.”

-Ends-

Note for the media, not for publication
For further media information, please contact:

Saab Automobile Press Office
Tel: +46 (0)520 279797

Spyker Cars Europe, PFPR Communications:
Mike Stainton
T: +44 (0) 1622 77 66 87
M: +44 (0) 7739 891 040
E: mike.stainton@pfpr.com

Tom Housley
T: +44 (0) 1622 766510
M: +44 (0) 7746 646 356
E: thomas.housley@pfpr.com

Peter Rawlinson
T: +44 (0) 1622 691 361
M: +44 (0) 7971 472 715
E: peter.rawlinson@pfpr.com

Spyker Cars North America, PCG Campbell:
Shane Smith
T: +1 310 224 4965
M: +1 310 224 4965
E: ssmith@pcgcampbell.com

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Spyker Cars Reaction On Press Speculation About Saab

Posted on 25. Jan, 2010 by .

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This just in from Spyker Cars N.V. about the media’s discussions beginning with SVT’s rapport today.

Spyker Cars N.V. : SPYKER CARS N.V.: REACTION ON PRESS SPECULATION ABOUT SAAB
2010-01-25 14:06:54.376 GMT

Zeewolde, the Netherlands, 25 January 2010 – Spyker Cars N.V., manufacturer of exclusive premium sports cars, has noted recent press speculation about the SAAB negotiations. Spyker confirms that talks are ongoing, the outcome of which is still uncertain. As SAAB is currently in liquidation talks must end soon.

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An Update Today On The Spyker Sale Process Of Saab

Posted on 25. Jan, 2010 by .

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Here’s a good update on what to expect today with regards to the Spyker-Saab sale process of Saab Automobile.

1) Sweden’s SVT have reported that the Swedish Government will make an extraordinary meeting today at 2:30pm in Sweden (8:30am U.S. EST) about the EIB Loan. (This will not be a press conference)

2) Secondly, GM in Detroit is expected to make an announcement via a press statement and/or conference call

MEDIA ADVISORY: GM Chairman and CEO Ed Whitacre to Provide Business Updates

2010-01-25

DETROIT – General Motors Chairman and CEO Ed Whitacre will host a press conference on Monday, January 25, to provide updates on GM business activities.

The press conference will begin at 11:30 a.m. EST in the Renaissance Conference Center located in Tower 300, Level 2, of the Renaissance Center in downtown Detroit.
The satellite feed for the press conference is:

The press conference will also be webcast at http://media.gm.com and at http://gmtv.feedroom.com/?fr_story=a313dd015fa9a7af0b9de0c1898de6c36e3b324f

The webcast will be archived at the site fr replay after 2 p.m. EST on January 25.

Technical/broadcast questions:
Steve Griffes

GM Communications Operations
313-220-7982 (mobile)
steven.l.griffes@gm.com

3) Spyker CEO is expected to make a statement at a conference today, unsure exactly when though. I’m hearing from my sources that this will be in Stockholm, possibly like the Saab-Scania/ GM statement 20 years ago.

Spyker Cars N.V. : SPYKER CARS N.V.: REACTION ON PRESS SPECULATION ABOUT SAAB
2010-01-25 14:06:54.376 GMT

Zeewolde, the Netherlands, 25 January 2010 – Spyker Cars N.V., manufacturer of exclusive premium sports cars, has noted recent press speculation about the SAAB negotiations. Spyker confirms that talks are ongoing, the outcome of which is still uncertain. As SAAB is currently in liquidation talks must end soon.

I will be updating this post as things progress. If you have tips, please don’t hesitate to add them and/or contact Saab History.

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The “Save Saab” Gathering In Paris. France

Posted on 23. Jan, 2010 by .

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Photo Credit: David Morgan / RBM Performance

Saab owners and enthusiasts in France gathered in Paris for their “SAVE SAAB” event. As I hoped, the Saab enthusiasts gathered with the Eiffel tower in the background.

I am am really impressed with the attendance as some of the people spearheading the event thought there would only be a small turnout. Excellent job in putting together a gathering like this is relatively short notice!

Here are photos from David Morgan, RBM Performance, site sponsor of Saab History. Absolutely impressive job everyone!

Here’s David’s summary of the event.

Well I counted 114 Saabs and about 250 people. Paris was grey and rain,the atmoshere was cheerful but in that there was No organisation except for a time and point of rendezvous! At first the main Paris dealer planned it and then SAAB France took over but did nothing except get a bunch of Police there so as to block the south-east corner of La Place de Concorde for us. After an hour or so it just fizzled out. Everyone took of in their own directions, I felt bad for those who had dreiven a couple of hundred kilometers.

Well there was some press there and plenty of photographers but this was not Holland !!

Here’s some raw video footage from RBM Performance


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The “Save Saab” Gathering In The Netherlands

Posted on 18. Jan, 2010 by .

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svgallery=2010_SAVE_SAAB_NETHERLANDS

Photo Credits: Etienne Morsa, Saabhuy.net & Saab Club Netherlands

This is the club that started the Saab convoy idea and true to word, they had over 600 Saabs in attendance!

Absolutely incredible and we need to thank them for getting the idea planted which evolved into the “SAVE SAAB” campaign!

The press coverage is absolutely outstanding on this event, here’s hoping it continues into the new week.

For more photos, please visit this link as well as here

Here’s their video produced by Johan.

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The "Save Saab" Gathering In Rüsselsheim, Germany

Posted on 17. Jan, 2010 by .

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The Saab Club of Germany met at the GM Europe Design Center in Rüsselsheim, formerly where Saab had their design facilities, now moved back to Sweden.

Absolutely stunning turnout and photography!

Photo Credit:Saab Club of Germany

Rüsselsheim
17.01.10
5 before 12 clock

Deafening honking sound is heard for the symbolic clock at exact 11:55 front of the Clock headquarters of General Motors (GM) Europe in Rüsselsheim.

More than 60 SAAB vehicles have been brought to a rally here from all over Germany in position to give her testimony SAVE SAAB the right face and GM dissuade them from their plan to let the tradition die SAAB brand. The demand is simple: to destroy rather than to GM to sell the SAAB brand to SPYKER from Holland. This final bidder has rectified its offer several times at the request of GM, and now awaits the decision by GM. In addition to the fully developed SAAB 9-5, which is already running from the tapes in the Swedish Trollhätten to wait another two new models at its launch.

The convoy drove SAAB conspicuously equipped with flags and banners by the skyline of Frankfurt and here also expressed his support for the more than 10,000 SAAB-workers expressed that directly and indirectly involved in the production of SAAB vehicles and at a liquidation of the mark would lose their jobs.

At the same time the world took place more than 35 convoys, the statement is the same everywhere:
SAAB SAVE!

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